Chart of The Day – Oil

Saudi Aramco has suspended operations at the Ras Tanura refinery following a drone attack that caused a fire at the facility. It is one of the largest refineries in the region, with a capacity of approximately 550,000 barrels per day, and a key export hub for Saudi oil, which is why even the preventive closure of the plant is raising concerns about the continuity of supply. According to sources, the fire is under control, but the company and the authorities have not yet officially commented on the incident.

Source: Bloomberg Financial Lp

The attack on Ras Tanura is part of a wider wave of attacks on energy infrastructure and military targets throughout the Gulf region following weekend air strikes by the US and Israel on Iran and Tehran’s massive retaliation against bases and cities in the UAE, Qatar, Bahrain, Oman and Saudi Arabia. At the same time, tanker traffic through the Strait of Hormuz, through which more than 20% of global maritime oil trade passes, has been virtually paralysed, which has already pushed Brent and WTI prices up by around 9-10% to around USD 80 per barrel. Against this backdrop, OPEC+’s decision to increase production by 206,000 barrels per day from April is, for the time being, too small to offset the growing supply risk.

In response to the latest reports of the suspension of operations at Ras Tanura, oil price increases have accelerated and are now around 10% higher than before the weekend escalation of the conflict, reflecting market fears of widespread attacks on key oil infrastructure in the Gulf.

Brent crude oil (OIL) started trading with a significant upward gap, extending the current upward trend for the instrument. Interestingly, the RSI for the 14-day average is currently at its highest level since June 2025. Following news of the attack on Ras Tanura, the gains accelerated and exceeded 10% on a daily basis. OIL rose to its highest levels since January 2025. Source: xStation

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